Most Americans are falling behind when it comes to saving money. In fact, the U.S. savings rate fell to a 10-year low in September, MarketWatch reports. Yet young people have reason to hope.
According to personal finance site NerdWallet, the average millennial has $670 extra per month. If that's invested with an 8 percent rate of return, it's enough to become a millionaire in around 31 years, according to CNN Money's helpful millionaire calculator.
NerdWallet determined potential savings rates using average annual incomes and expenditures by age group from the Bureau of Labor Statistics' 2016 Consumer Expenditure Survey. The savings rate refers to the surplus of income left after all expenses are accounted for.
Here's how millennials stack up against other generations, according to their findings: